MMSI - MERIT MEDICAL SYSTEMS INC

📈 Is growth accelerating? 7 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗	FY 2017 Dec 31, 2017 10-K ↗	FY 2016 Dec 31, 2016 10-K ↗	FY 2015 Dec 31, 2015 10-K ↗	FY 2014 Dec 31, 2014 10-K ↗	FY 2013 Dec 31, 2013 10-K ↗	FY 2012 Dec 31, 2012 10-K ↗	FY 2011 Dec 31, 2011 10-K ↗	FY 2010 Dec 31, 2010 10-K ↗	FY 2009 Dec 31, 2009 10-K ↗	FY 2008 Dec 31, 2008 10-K ↗
Revenue Growth YoY (%)	11.8% Good ↑ Good Improving Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+47%)	7.9% Fair ↓ Fair Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: At sector avg	9.2% Fair ↑ Fair Improving Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+16%)	7.1% Fair → Fair Stable Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-11%)	11.5% Good ↑ Good Improving Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+44%)	-3.1% Weak ↓ Weak Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-139%)	12.7% Good ↓ Good Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+59%)	21.3% Excellent ↑ Excellent Improving Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+166%)	20.5% Excellent ↑ Excellent Improving Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+157%)	11.4% Good → Good Stable Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+42%)	6.4% Fair ↓ Fair Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-20%)	13.5% Good ↓ Good Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+69%)	13.9% Good ↓ Good Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+74%)	9.7% Fair ↓ Fair Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+21%)	21.1% Excellent Excellent Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+164%)	15.3% Good Good Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+91%)	—	—
EPS Growth YoY (%)	4.8% Caution ↓ Caution Declining Year-over-year change in earnings per share Optimal: > 10%	26.2% Excellent ↓ Excellent Declining Year-over-year change in earnings per share Optimal: > 10%	25.2% Excellent Excellent Year-over-year change in earnings per share Optimal: > 10%	52.3% Excellent Excellent Year-over-year change in earnings per share Optimal: > 10%	N/M	N/M	-87.5% Weak ↓ Weak Declining Year-over-year change in earnings per share Optimal: > 10%	42.9% Excellent ↑ Excellent Improving Year-over-year change in earnings per share Optimal: > 10%	24.4% Good ↑ Good Improving Year-over-year change in earnings per share Optimal: > 10%	-16.7% Weak ↓ Weak Declining Year-over-year change in earnings per share Optimal: > 10%	1.9% Caution ↑ Caution Improving Year-over-year change in earnings per share Optimal: > 10%	35.9% Excellent ↑ Excellent Improving Year-over-year change in earnings per share Optimal: > 10%	-17.0% Weak ↓ Weak Declining Year-over-year change in earnings per share Optimal: > 10%	-20.3% Weak ↓ Weak Declining Year-over-year change in earnings per share Optimal: > 10%	68.6% Excellent Excellent Year-over-year change in earnings per share Optimal: > 10%	-45.3% Weak Weak Year-over-year change in earnings per share Optimal: > 10%	—	—
Net Income Growth YoY (%)	6.8% Fair ↓ Fair Declining Year-over-year change in net income	27.5% Excellent ↓ Excellent Declining Year-over-year change in net income	26.7% Excellent Excellent Year-over-year change in net income	53.8% Excellent Excellent Year-over-year change in net income	N/M	N/M	-87.0% Weak ↓ Weak Declining Year-over-year change in net income	52.7% Excellent ↑ Excellent Improving Year-over-year change in net income	36.8% Excellent ↑ Excellent Improving Year-over-year change in net income	-15.5% Weak ↓ Weak Declining Year-over-year change in net income	3.6% Caution ↑ Caution Improving Year-over-year change in net income	38.6% Excellent ↑ Excellent Improving Year-over-year change in net income	-15.9% Weak ↓ Weak Declining Year-over-year change in net income	-14.5% Weak ↓ Weak Declining Year-over-year change in net income	84.9% Excellent Excellent Year-over-year change in net income	-44.7% Weak Weak Year-over-year change in net income	—	—
FCF Growth YoY (%)	14.3% Fair ↓ Fair Declining Year-over-year change in free cash flow	65.7% Excellent ↑ Excellent Improving Year-over-year change in free cash flow	57.9% Excellent ↑ Excellent Improving Year-over-year change in free cash flow	-42.6% Weak Weak Year-over-year change in free cash flow	-1.3% Weak Weak Year-over-year change in free cash flow	N/M	N/M	-10.1% Weak ↓ Weak Declining Year-over-year change in free cash flow	5.6% Fair ↑ Fair Improving Year-over-year change in free cash flow	11.3% Fair ↓ Fair Declining Year-over-year change in free cash flow	-5.3% Weak ↓ Weak Declining Year-over-year change in free cash flow	N/M	54.5% Excellent ↑ Excellent Improving Year-over-year change in free cash flow	34.8% Excellent Excellent Year-over-year change in free cash flow	N/M	-4.9% Weak Weak Year-over-year change in free cash flow	—	—
Revenue CAGR 3Y (%)	9.6% Fair ↑ Fair Improving Compound annual revenue growth over 3 years	8.1% Fair ↑ Fair Improving Compound annual revenue growth over 3 years	9.3% Fair ↑ Fair Improving Compound annual revenue growth over 3 years	5.0% Caution ↓ Caution Declining Compound annual revenue growth over 3 years	6.8% Fair ↓ Fair Declining Compound annual revenue growth over 3 years	9.8% Fair ↓ Fair Declining Compound annual revenue growth over 3 years	18.1% Excellent ↑ Excellent Improving Compound annual revenue growth over 3 years	17.6% Excellent ↑ Excellent Improving Compound annual revenue growth over 3 years	12.6% Good ↑ Good Improving Compound annual revenue growth over 3 years	10.4% Good ↓ Good Declining Compound annual revenue growth over 3 years	11.2% Good ↓ Good Declining Compound annual revenue growth over 3 years	12.3% Good ↓ Good Declining Compound annual revenue growth over 3 years	14.8% Good Good Compound annual revenue growth over 3 years	15.3% Excellent Excellent Compound annual revenue growth over 3 years	—	—	—	—
Revenue CAGR 5Y (%)	9.5% Good ↑ Good Improving Compound annual revenue growth over 5 years	6.4% Fair ↓ Fair Declining Compound annual revenue growth over 5 years	7.3% Fair ↓ Fair Declining Compound annual revenue growth over 5 years	9.6% Good ↓ Good Declining Compound annual revenue growth over 5 years	12.2% Excellent ↓ Excellent Declining Compound annual revenue growth over 5 years	12.2% Excellent ↓ Excellent Declining Compound annual revenue growth over 5 years	14.3% Excellent ↑ Excellent Improving Compound annual revenue growth over 5 years	14.5% Excellent ↑ Excellent Improving Compound annual revenue growth over 5 years	13.0% Excellent → Excellent Stable Compound annual revenue growth over 5 years	10.9% Good ↓ Good Declining Compound annual revenue growth over 5 years	12.8% Excellent Excellent Compound annual revenue growth over 5 years	14.6% Excellent Excellent Compound annual revenue growth over 5 years	—	—	—	—	—	—
EPS CAGR 3Y (%)	18.3% Excellent ↓ Excellent Declining Compound annual EPS growth over 3 years	34.0% Excellent ↓ Excellent Declining Compound annual EPS growth over 3 years	—	135.7% Excellent ↑ Excellent Improving Compound annual EPS growth over 3 years	2.4% Caution ↑ Caution Improving Compound annual EPS growth over 3 years	—	-39.4% Weak ↓ Weak Declining Compound annual EPS growth over 3 years	14.0% Good ↑ Good Improving Compound annual EPS growth over 3 years	1.9% Caution ↓ Caution Declining Compound annual EPS growth over 3 years	4.9% Caution ↑ Caution Improving Compound annual EPS growth over 3 years	4.7% Caution ↑ Caution Improving Compound annual EPS growth over 3 years	-3.5% Weak ↓ Weak Declining Compound annual EPS growth over 3 years	3.7% Caution Caution Compound annual EPS growth over 3 years	-9.8% Weak Weak Compound annual EPS growth over 3 years	—	—	—	—

💰 Are margins durable? 5 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗	FY 2017 Dec 31, 2017 10-K ↗	FY 2016 Dec 31, 2016 10-K ↗	FY 2015 Dec 31, 2015 10-K ↗	FY 2014 Dec 31, 2014 10-K ↗	FY 2013 Dec 31, 2013 10-K ↗	FY 2012 Dec 31, 2012 10-K ↗	FY 2011 Dec 31, 2011 10-K ↗	FY 2010 Dec 31, 2010 10-K ↗	FY 2009 Dec 31, 2009 10-K ↗	FY 2008 Dec 31, 2008 10-K ↗
Operating Margin (%) (%)	12.2% Fair ↑ Fair Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-19%)	11.5% Caution ↑ Caution Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-23%)	9.9% Caution ↑ Caution Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-34%)	7.6% Caution ↑ Caution Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-49%)	5.7% Weak ↑ Weak Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-62%)	-0.2% Weak ↓ Weak Declining Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-101%)	1.6% Weak ↓ Weak Declining Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-90%)	6.6% Caution ↑ Caution Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-56%)	4.5% Weak ↓ Weak Declining Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-70%)	5.8% Weak ↓ Weak Declining Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-61%)	6.9% Caution → Caution Stable Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-54%)	7.9% Caution → Caution Stable Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-47%)	6.2% Caution ↓ Caution Declining Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-59%)	7.5% Caution ↓ Caution Declining Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-50%)	9.2% Caution → Caution Stable Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-38%)	5.8% Weak Weak Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-61%)	12.8% Fair Fair Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-15%)	—
Effective Tax Rate (%) (%)	24.8% Fair ↑ Fair Improving Actual taxes paid relative to pre-tax income Optimal: 15-25%	19.8% Good ↑ Good Improving Actual taxes paid relative to pre-tax income Optimal: 15-25%	15.8% Good → Good Stable Actual taxes paid relative to pre-tax income Optimal: 15-25%	9.8% Excellent ↓ Excellent Declining Actual taxes paid relative to pre-tax income Optimal: 15-25%	10.1% Excellent Excellent Actual taxes paid relative to pre-tax income Optimal: 15-25%	25.6% Caution Caution Actual taxes paid relative to pre-tax income Optimal: 15-25%	—	—	—	—	—	—	—	—	—	—	—	—
Profit Margin (%) (%)	8.5% Caution ↑ Caution Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-29%)	8.9% Caution ↑ Caution Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-26%)	7.5% Caution ↑ Caution Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-37%)	6.5% Caution ↑ Caution Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-46%)	4.5% Weak ↑ Weak Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-62%)	-1.0% Weak ↓ Weak Declining Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-109%)	0.5% Weak ↓ Weak Declining Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-95%)	4.8% Weak ↑ Weak Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-60%)	3.8% Weak ↓ Weak Declining Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-68%)	3.3% Weak ↓ Weak Declining Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-72%)	4.4% Weak → Weak Stable Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-63%)	4.5% Weak ↓ Weak Declining Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-62%)	3.7% Weak ↓ Weak Declining Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-69%)	5.0% Weak ↓ Weak Declining Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-58%)	6.4% Caution → Caution Stable Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-47%)	4.2% Weak Weak Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-65%)	8.8% Caution Caution Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-27%)	—
FCF Margin (%) (%)	14.2% Fair ↑ Fair Improving Free cash flow as a percentage of revenue Optimal: > 10%	13.7% Fair ↑ Fair Improving Free cash flow as a percentage of revenue Optimal: > 10%	8.8% Caution ↓ Caution Declining Free cash flow as a percentage of revenue Optimal: > 10%	6.0% Caution ↓ Caution Declining Free cash flow as a percentage of revenue Optimal: > 10%	11.1% Fair ↑ Fair Improving Free cash flow as a percentage of revenue Optimal: > 10%	12.4% Fair ↑ Fair Improving Free cash flow as a percentage of revenue Optimal: > 10%	-0.0% Weak ↓ Weak Declining Free cash flow as a percentage of revenue Optimal: > 10%	2.6% Weak ↓ Weak Declining Free cash flow as a percentage of revenue Optimal: > 10%	3.3% Weak ↓ Weak Declining Free cash flow as a percentage of revenue Optimal: > 10%	3.4% Weak ↑ Weak Improving Free cash flow as a percentage of revenue Optimal: > 10%	3.4% Weak ↑ Weak Improving Free cash flow as a percentage of revenue Optimal: > 10%	3.8% Weak ↑ Weak Improving Free cash flow as a percentage of revenue Optimal: > 10%	-1.8% Weak ↑ Weak Improving Free cash flow as a percentage of revenue Optimal: > 10%	-4.5% Weak ↓ Weak Declining Free cash flow as a percentage of revenue Optimal: > 10%	-7.0% Weak ↓ Weak Declining Free cash flow as a percentage of revenue Optimal: > 10%	3.7% Weak Weak Free cash flow as a percentage of revenue Optimal: > 10%	4.5% Weak Weak Free cash flow as a percentage of revenue Optimal: > 10%	—
FCF / Net Income (x)	1.68x Excellent ↑ Excellent Improving Free cash flow relative to reported net income Optimal: > 1x	1.54x Excellent → Excellent Stable Free cash flow relative to reported net income Optimal: > 1x	1.17x Fair ↑ Fair Improving Free cash flow relative to reported net income Optimal: > 1x	0.93x Caution ↑ Caution Improving Free cash flow relative to reported net income Optimal: > 1x	2.46x Excellent ↑ Excellent Improving Free cash flow relative to reported net income Optimal: > 1x	-12.12x Weak ↓ Weak Declining Free cash flow relative to reported net income Optimal: > 1x	-0.07x Weak ↓ Weak Declining Free cash flow relative to reported net income Optimal: > 1x	0.55x Weak ↓ Weak Declining Free cash flow relative to reported net income Optimal: > 1x	0.88x Caution → Caution Stable Free cash flow relative to reported net income Optimal: > 1x	1.03x Fair ↑ Fair Improving Free cash flow relative to reported net income Optimal: > 1x	0.78x Caution ↑ Caution Improving Free cash flow relative to reported net income Optimal: > 1x	0.83x Caution ↑ Caution Improving Free cash flow relative to reported net income Optimal: > 1x	-0.49x Weak ↓ Weak Declining Free cash flow relative to reported net income Optimal: > 1x	-0.90x Weak ↓ Weak Declining Free cash flow relative to reported net income Optimal: > 1x	-1.09x Weak ↓ Weak Declining Free cash flow relative to reported net income Optimal: > 1x	0.89x Caution Caution Free cash flow relative to reported net income Optimal: > 1x	0.51x Weak Weak Free cash flow relative to reported net income Optimal: > 1x	—

🎯 Is capital allocation efficient? 3 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗	FY 2017 Dec 31, 2017 10-K ↗	FY 2016 Dec 31, 2016 10-K ↗	FY 2015 Dec 31, 2015 10-K ↗	FY 2014 Dec 31, 2014 10-K ↗	FY 2013 Dec 31, 2013 10-K ↗	FY 2012 Dec 31, 2012 10-K ↗	FY 2011 Dec 31, 2011 10-K ↗	FY 2010 Dec 31, 2010 10-K ↗	FY 2009 Dec 31, 2009 10-K ↗	FY 2008 Dec 31, 2008 10-K ↗
Return on Invested Capital (%)	6.0% Caution ↑ Caution Improving Return earned on debt + equity capital invested Optimal: > 10%	5.9% Caution ↑ Caution Improving Return earned on debt + equity capital invested Optimal: > 10%	5.2% Caution ↑ Caution Improving Return earned on debt + equity capital invested Optimal: > 10%	5.9% Caution ↑ Caution Improving Return earned on debt + equity capital invested Optimal: > 10%	4.3% Caution ↑ Caution Improving Return earned on debt + equity capital invested Optimal: > 10%	-0.1% Weak ↓ Weak Declining Return earned on debt + equity capital invested Optimal: > 10%	0.9% Weak ↓ Weak Declining Return earned on debt + equity capital invested Optimal: > 10%	3.5% Weak → Weak Stable Return earned on debt + equity capital invested Optimal: > 10%	2.7% Weak ↓ Weak Declining Return earned on debt + equity capital invested Optimal: > 10%	3.3% Weak ↓ Weak Declining Return earned on debt + equity capital invested Optimal: > 10%	4.4% Caution ↓ Caution Declining Return earned on debt + equity capital invested Optimal: > 10%	4.8% Caution ↓ Caution Declining Return earned on debt + equity capital invested Optimal: > 10%	8.8% Fair ↓ Fair Declining Return earned on debt + equity capital invested Optimal: > 10%	9.9% Fair ↓ Fair Declining Return earned on debt + equity capital invested Optimal: > 10%	85.3% Excellent Excellent Return earned on debt + equity capital invested Optimal: > 10%	16.7% Excellent Excellent Return earned on debt + equity capital invested Optimal: > 10%	—	—
Return on Capital (%) (%)	6.9% Caution ↑ Caution Improving Operating profit relative to total assets Optimal: > 10%	6.4% Caution ↑ Caution Improving Operating profit relative to total assets Optimal: > 10%	5.3% Caution ↑ Caution Improving Operating profit relative to total assets Optimal: > 10%	5.3% Caution ↑ Caution Improving Operating profit relative to total assets Optimal: > 10%	3.7% Weak ↑ Weak Improving Operating profit relative to total assets Optimal: > 10%	-0.1% Weak ↓ Weak Declining Operating profit relative to total assets Optimal: > 10%	0.9% Weak ↓ Weak Declining Operating profit relative to total assets Optimal: > 10%	3.6% Weak ↓ Weak Declining Operating profit relative to total assets Optimal: > 10%	3.0% Weak ↓ Weak Declining Operating profit relative to total assets Optimal: > 10%	3.7% Weak ↓ Weak Declining Operating profit relative to total assets Optimal: > 10%	4.8% Caution ↑ Caution Improving Operating profit relative to total assets Optimal: > 10%	5.4% Caution → Caution Stable Operating profit relative to total assets Optimal: > 10%	3.8% Weak ↓ Weak Declining Operating profit relative to total assets Optimal: > 10%	4.2% Caution ↓ Caution Declining Operating profit relative to total assets Optimal: > 10%	7.4% Fair ↓ Fair Declining Operating profit relative to total assets Optimal: > 10%	4.7% Caution Caution Operating profit relative to total assets Optimal: > 10%	12.1% Good Good Operating profit relative to total assets Optimal: > 10%	—
Return on Common Equity (%) (%)	8.1% Caution ↑ Caution Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-46%)	8.7% Caution ↑ Caution Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-42%)	7.9% Caution ↑ Caution Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-48%)	6.5% Caution ↑ Caution Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-57%)	4.7% Weak ↑ Weak Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-69%)	-1.0% Weak ↓ Weak Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-107%)	0.6% Weak ↓ Weak Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-96%)	4.5% Weak → Weak Stable Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-70%)	4.1% Weak ↓ Weak Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-73%)	4.0% Weak ↓ Weak Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-73%)	5.1% Caution Caution Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-66%)	5.3% Caution Caution Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-65%)	—	—	—	—	—	—

⚖️ Is the balance sheet risky? 4 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗	FY 2017 Dec 31, 2017 10-K ↗	FY 2016 Dec 31, 2016 10-K ↗	FY 2015 Dec 31, 2015 10-K ↗	FY 2014 Dec 31, 2014 10-K ↗	FY 2013 Dec 31, 2013 10-K ↗	FY 2012 Dec 31, 2012 10-K ↗	FY 2011 Dec 31, 2011 10-K ↗	FY 2010 Dec 31, 2010 10-K ↗	FY 2009 Dec 31, 2009 10-K ↗	FY 2008 Dec 31, 2008 10-K ↗
Debt to Equity (x)	0.46x Good → Good Stable Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-23%)	0.53x Good ↑ Good Improving Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-12%)	0.68x Fair ↑ Fair Improving Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Above avg (+14%)	0.17x Excellent ↓ Excellent Declining Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-71%)	0.23x Excellent ↓ Excellent Declining Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-61%)	0.37x Good ↓ Good Declining Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-39%)	0.46x Good ↓ Good Declining Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-23%)	0.43x Good ↓ Good Declining Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-28%)	0.42x Good ↓ Good Declining Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-30%)	0.65x Fair ↑ Fair Improving Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Above avg (+9%)	0.45x Good Good Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-26%)	0.52x Good Good Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-14%)	—	—	—	—	—	—
Interest Coverage (x)	8.80x Good ↓ Good Declining Operating income divided by interest expense Optimal: > 5x	6.70x Good ↓ Good Declining Operating income divided by interest expense Optimal: > 5x	7.99x Good ↓ Good Declining Operating income divided by interest expense Optimal: > 5x	13.81x Excellent ↑ Excellent Improving Operating income divided by interest expense Optimal: > 5x	11.58x Excellent ↑ Excellent Improving Operating income divided by interest expense Optimal: > 5x	-0.16x Weak ↓ Weak Declining Operating income divided by interest expense Optimal: > 5x	1.24x Weak ↓ Weak Declining Operating income divided by interest expense Optimal: > 5x	5.66x Good ↑ Good Improving Operating income divided by interest expense Optimal: > 5x	4.27x Fair ↓ Fair Declining Operating income divided by interest expense Optimal: > 5x	3.96x Fair ↓ Fair Declining Operating income divided by interest expense Optimal: > 5x	6.03x Good ↓ Good Declining Operating income divided by interest expense Optimal: > 5x	4.55x Fair ↓ Fair Declining Operating income divided by interest expense Optimal: > 5x	3.46x Fair ↓ Fair Declining Operating income divided by interest expense Optimal: > 5x	49.07x Excellent ↓ Excellent Declining Operating income divided by interest expense Optimal: > 5x	42.07x Excellent ↓ Excellent Declining Operating income divided by interest expense Optimal: > 5x	28.87x Excellent Excellent Operating income divided by interest expense Optimal: > 5x	1173.11x Excellent Excellent Operating income divided by interest expense Optimal: > 5x	—
Net Debt (USD)	$287.63M	$352.84M	$235.98M	$139.60M	$175.09M	$294.31M	$395.16M	$334.79M	$253.09M	$305.20M	$203.42M	$217.13M	$241.40M	$227.85M	$20.61M	$77.80M	$-6.13M	$-34.03M
Debt / EBITDA (x)	2.38x Fair ↓ Fair Declining Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	2.82x Fair ↑ Fair Improving Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	3.85x Caution ↑ Caution Improving Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	1.17x Good ↓ Good Declining Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	1.67x Good ↓ Good Declining Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	3.80x Caution ↑ Caution Improving Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	4.09x Weak ↑ Weak Improving Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	3.14x Caution ↓ Caution Declining Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	3.29x Caution → Caution Stable Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	4.13x Weak ↑ Weak Improving Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	2.77x Fair ↓ Fair Declining Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	2.95x Fair → Fair Stable Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	4.12x Weak ↑ Weak Improving Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	4.55x Weak ↑ Weak Improving Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	0.59x Excellent Excellent Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	2.54x Fair Fair Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	—	—

📊 What does each share earn? 6 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗	FY 2017 Dec 31, 2017 10-K ↗	FY 2016 Dec 31, 2016 10-K ↗	FY 2015 Dec 31, 2015 10-K ↗	FY 2014 Dec 31, 2014 10-K ↗	FY 2013 Dec 31, 2013 10-K ↗	FY 2012 Dec 31, 2012 10-K ↗	FY 2011 Dec 31, 2011 10-K ↗	FY 2010 Dec 31, 2010 10-K ↗	FY 2009 Dec 31, 2009 10-K ↗	FY 2008 Dec 31, 2008 10-K ↗
Revenue per Share (USD)	$25.62	$23.30	$21.83	$20.26	$19.14	$17.39	$18.06	$16.89	$14.91	$13.60	$12.31	$11.81	$10.54	$9.35	$9.20	$8.41	$7.35	—
Basic EPS, GAAP (USD)	$2.17	$2.07	$1.64	$1.31	$0.86	$-0.18	$0.10	$0.80	$0.56	$0.45	$0.54	$0.53	$0.39	$0.47	$0.59	$0.35	$0.64	—
Free Cash Flow per Share (USD)	$3.65	$3.19	$1.92	$1.22	$2.12	$2.15	$-0.01	$0.44	$0.49	$0.47	$0.42	$0.44	$-0.19	$-0.42	$-0.64	$0.31	$0.33	—
Book Value per Share (USD)	$26.66	$23.48	$20.78	$19.97	$18.38	$17.23	$17.21	$16.99	$13.46	$11.16	$10.53	$9.98	—	—	—	—	—	—
Tangible Book Value per Share (USD)	$18.13	$15.59	$14.17	$13.69	$11.99	$10.70	$10.81	$10.88	$8.72	$6.41	$6.36	$5.75	—	—	—	—	—	—
Basic Weighted Avg Shares (shares)	59.16M	58.22M	57.59M	56.81M	56.15M	55.43M	55.08M	52.27M	48.80M	44.41M	44.04M	43.14M	42.61M	42.18M	39.09M	35.29M	35.01M	—

🏦 How resilient is the balance sheet? 3 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗	FY 2017 Dec 31, 2017 10-K ↗	FY 2016 Dec 31, 2016 10-K ↗	FY 2015 Dec 31, 2015 10-K ↗	FY 2014 Dec 31, 2014 10-K ↗	FY 2013 Dec 31, 2013 10-K ↗	FY 2012 Dec 31, 2012 10-K ↗	FY 2011 Dec 31, 2011 10-K ↗	FY 2010 Dec 31, 2010 10-K ↗	FY 2009 Dec 31, 2009 10-K ↗	FY 2008 Dec 31, 2008 10-K ↗
Working Capital (USD)	$800.39M	$707.37M	$904.91M	$308.44M	$245.93M	$244.70M	$272.88M	$254.49M	$200.50M	$155.09M	$116.09M	$116.91M	$100.32M	$88.99M	$89.86M	$72.12M	—	—
LT Debt (USD)	$734.04M	$729.55M	$823.01M	$198.01M	$242.84M	$351.22M	$439.48M	$395.15M	$278.47M	$324.37M	$207.59M	$224.49M	$248.85M	$237.57M	$30.74M	$81.54M	—	—
Total Equity (USD)	$1.58B	$1.38B	$1.20B	$1.14B	$1.04B	$958.58M	$949.94M	$932.77M	$676.33M	$498.19M	$466.10M	$435.26M	—	—	—	—	—	—

📋 What is driving earnings? 4 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗	FY 2017 Dec 31, 2017 10-K ↗	FY 2016 Dec 31, 2016 10-K ↗	FY 2015 Dec 31, 2015 10-K ↗	FY 2014 Dec 31, 2014 10-K ↗	FY 2013 Dec 31, 2013 10-K ↗	FY 2012 Dec 31, 2012 10-K ↗	FY 2011 Dec 31, 2011 10-K ↗	FY 2010 Dec 31, 2010 10-K ↗	FY 2009 Dec 31, 2009 10-K ↗	FY 2008 Dec 31, 2008 10-K ↗
Sales/Revenue/Turnover (USD)	$1.52B	$1.36B	$1.26B	$1.15B	$1.07B	$963.88M	$994.85M	$882.75M	$727.85M	$603.84M	$542.15M	$509.69M	$449.05M	$394.29M	$359.45M	$296.75M	$257.46M	—
Depreciation Expense (USD)	$123.17M	$102.71M	$89.98M	$81.80M	$84.07M	$94.07M	$92.10M	$69.55M	$53.58M	$43.76M	$37.42M	$35.93M	$32.54M	$22.53M	$19.19M	$14.86M	$12.27M	—
Net Income, GAAP (USD)	$128.49M	$120.36M	$94.41M	$74.52M	$48.45M	$-9.84M	$5.45M	$42.02M	$27.52M	$20.12M	$23.80M	$22.97M	$16.57M	$19.71M	$23.04M	$12.46M	$22.53M	—
Operating Cash Flow (USD)	$297.37M	$220.80M	$145.15M	$114.29M	$147.23M	$165.27M	$77.81M	$86.53M	$62.73M	$53.60M	$69.46M	$53.33M	$51.37M	$46.94M	$34.02M	$34.76M	$30.07M	—

MERIT MEDICAL SYSTEMS INC

Analytical Summary

18-Year Financial Trajectory

Health Breakdown

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Peer Comparison

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